Ferrari want clarity before taking up share offer

With Liberty Media offering the teams shares in Formula 1, Ferrari president Sergio Marchionne says the Scuderia are interested, they just have a few issues they want clarified.

Liberty Media took control of Formula 1 earlier this month with Chase Carey taking over from Bernie Ecclestone as the sport’s new CEO.

As part of his plan for Formula 1, the American wants the current teams to buy into the sport and is offering $400 million worth of shares.

“We think it’s important to offer the teams the chance to invest in F1 and further align our interests,” said Greg Maffei, Liberty’s president and Chief Executive.

“We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business.”

However, as yet none of the teams have publicly taking Liberty Media up on the offer.

Ferrari president Marchionne has revealed that he is considering the offer but wants clarity from Liberty Media as to what Formula 1 will look like after the current Concorde Agreement expires.

“We have started exploring the opportunity now,” Autosport quotes the Italian as having said.

“We are in discussions with Liberty and I recently had a meeting with Chase.

“The issue is not just the question of the financial investment. This is something that we do for a living in a very serious way. The Concorde Agreement expires in 2020.

“So, becoming a non-voting shareholder in an entity, which effectively keeps us trapped in without knowledge of what 2021 and the later world will look like, it is something I consider unwise.

“So one of the things we have tabled with Chase, and I think we’re not the only ones that are tabling these concerns, is clarity on what the post-2020 world looks like and what Ferrari may be able to get from its involvement in Formula 1 activities.

“Once we have clarity, then I think it becomes a lot easier to decide whether we want to participate in this venture.”